Pound Tumbles as Burnham Escalates Labour Revolt Against Starmer

WATCH: The Labour power struggle deepened after Andy Burnham said he’s seeking to run for a seat in Parliament. Alex Morgan reports from Downing Street.Source: Bloomberg

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By Greg Ritchie and Carter Johnson

May 14, 2026 at 4:55 PM UTC

Updated on

May 15, 2026 at 5:27 AM UTC

A potential challenge to UK Prime Minister Keir Starmer’s leadership from one of the nation’s most popular Labour Party politicians sent the pound tumbling.

The challenge by Manchester Mayor Andy Burnham cast doubt on the future of Starmer’s government and its efforts to rein in the national debt. Sterling fell for a fifth day Friday, down 0.4% to $1.3356, heading for its worst week since November 2024.